More visionary minimalism, this time on housing
The White House Version 2.0 mortgage-relief plan announced on Friday is a recognition that the moribund housing sector poses a grave threat to the nation's economic recovery. By the administration's own admission, however, the effort may save at best only a third of the homes facing foreclosure in coming years.
The White House was careful not to raise expectations too high, noting that up to 12 million foreclosures still could occur during the next three years. The new program seeks to help at most 4 million of those homeowner
The new program captured headlines Thursday night when word leaked of help to unemployed homeowners. Once the details came out Friday, however, it delivered less than expected.
Well, not for everybody. Some of us are
cynical realistic enough. Read on for the best part:
Lenders and loan servicers who participate in the government's program are required to offer temporary relief, but it'll be help for a limited universe. First, borrowers must seek this help, must be collecting unemployment insurance and must be less than 90 days late on their mortgage payments.
That appears to exclude many of the record 6.1 million Americans who have been jobless for 27 weeks or longer.
So, those who need help the most get the list. Ya know, it's starting to look like this administration always throws somebody under the bus, no matter what, and it's always the weakest.
Obama really is a Republican, isn't he?
NOTE So, we're what, two years into the worst recession since the 1930's and these FKDP shitheads unveil a plan that helps only a third of those who need it? WTF? Remember how the banksters got help NOW NOW NOW? $700 billion in a matter of days? Yeah, me too.